Bitcoin Price Analysis: BTC/USD Eyes Test of $7,640

Bitcoin price is surging higher and recently traded to $7370 against the US Dollar. BTC/USD now looks set for a test of the $7640 level.

Key Talking Points

Bitcoin price continued to move higher and recently traded to a new all-time high at $7370 (data feed by Kraken) against the US Dollar.

There was a break above a contracting triangle pattern with resistance at $7000 on the hourly chart of BTC/USD.

The mentioned break has opened the doors for more gains above the $7500 level towards $7640.

Bitcoin Price Chart Analysis

It seems like BTC buyers are not willing to give up as bitcoin price rocketed above the $7200 level against the US Dollar. Today, a new all-time high was formed at $7370 and there are no signs of any correction in the near term.

It is important to note there was a correction from the $7300 level once and the price traded back towards the $6700 support. A base was formed above $6700 and the price started a new rally. It moved above the $7000 handle and cleared the 50% Fibonacci retracement level of the last drop from the $7300 high to $6726 low.

Moreover, there was a break above a contracting triangle pattern with resistance at $7000 on the hourly chart of BTC/USD. It gave an opening to buyers to push the price above the last swing high at $7300.

The pair is now placed well above the last swing high of $7300, which could push it towards the 1.236 Fib extension of the last drop from the $7300 high to $6726 low at $7427.

However, the next target seems to be the 1.618 Fib extension of the last drop from the $7300 high to $6726 low at $7643. There can be tiny corrections in the short term, but as long as the price is above $7000, it could head towards $7640.

The overall trend is bullish and there are high chances of the current trend to continue unless a major bearish signal emerges.

About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets
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